Discounted Cash Flow (DCF) Analysis Unlevered

Gold By Gold SA (ALGLD.PA)

1.97 €

+0.17 (+9.44%)
All numbers are in Millions, Currency in USD
Stock DCF: -6.29 | 1.97 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 10.299.8310.593.146.937.868.9210.1111.4713.02
Revenue (%)
EBITDA -0.830.050.85-0.17-0.32-0.15-0.17-0.19-0.22-0.25
EBITDA (%)
EBIT -0.61-0.050.350.01-0.22-0.09-0.11-0.12-0.14-0.15
EBIT (%)
Depreciation -0.220.110.50-0.18-0.11-0.06-0.07-0.07-0.08-0.10
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 4.934.203.833.603.684.635.265.966.767.67
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 1.091.351.411.651.231.701.932.192.482.82
Inventories (%)
Accounts Payable 1.041.081.151.190.161.131.291.461.651.88
Accounts Payable (%)
Capital Expenditure -0.03-0.07-0.10-0.02-0.04-0.05-0.06-0.07-0.08-0.09
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.97
Beta -0.149
Diluted Shares Outstanding 2.70
Cost of Debt
Tax Rate 38.23
After-tax Cost of Debt 9.58%
Risk-Free Rate
Market Risk Premium
Cost of Equity 3.269
Total Debt 0.25
Total Equity 5.32
Total Capital 5.57
Debt Weighting 4.51
Equity Weighting 95.49
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 10.299.8310.593.146.937.868.9210.1111.4713.02
EBITDA -0.830.050.85-0.17-0.32-0.15-0.17-0.19-0.22-0.25
EBIT -0.61-0.050.350.01-0.22-0.09-0.11-0.12-0.14-0.15
Tax Rate 52.40%49.46%61.98%96.43%38.23%59.70%59.70%59.70%59.70%59.70%
EBIAT -0.29-0.030.130-0.13-0.04-0.04-0.05-0.05-0.06
Depreciation -0.220.110.50-0.18-0.11-0.06-0.07-0.07-0.08-0.10
Accounts Receivable ----------
Inventories --0.25-0.07-0.240.42-0.47-0.23-0.26-0.29-0.33
Accounts Payable -0.040.070.04-1.020.970.150.170.200.22
Capital Expenditure -0.03-0.07-0.10-0.02-0.04-0.05-0.06-0.07-0.08-0.09
UFCF -0.54-0.200.55-0.41-0.880.35-0.24-0.28-0.31-0.36
WACC
PV UFCF 0.34-0.23-0.25-0.27-0.30
SUM PV UFCF -0.71

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.55
Free cash flow (t + 1) -0.36
Terminal Value -23.45
Present Value of Terminal Value -19.69

Intrinsic Value

Enterprise Value -20.40
Net Debt -3.42
Equity Value -16.98
Shares Outstanding 2.70
Equity Value Per Share -6.29